Newmark entered into an agreement to amend the terms of its senior revolving credit facility, increasing its size to $425 million and extending the maturity date to February 26, 2023.
The interest rate on the credit facility is LIBOR plus 1.75% per annum, subject to a pricing grid linked to Newmark’s credit ratings from Standard & Poor’s and Fitch. The new agreement amends the terms of the company’s previous $250 million revolving credit facility maturing on November 26, 2021 with an interest rate of LIBOR plus 2.00% per annum.
Bank of America Securities acted as the active lead arranger for the credit facility. Additional banks named as joint lead arrangers and joint bookrunners for the Credit Facility are: Capital One, Citizens Bank, Goldman Sachs Bank USA, KeyBank, and PNC Bank. Other banks participating in the facility are: BMO Harris Bank, UMB Bank, U.S. Bank, Regions Bank, Stifel Bank & Trust, Associated Bank, BankUnited and Wells Fargo.
The company expects to use its credit facility for general corporate purposes.
Newmark Group is a publicly traded company that operates a full-service commercial real estate services business.